Colombian Money Laundering Watchdog Postpones Crypto Transaction Reporting Resolution – The UIAF, the Colombian authority that monitors and detects money laundering and terrorism financing, has postponed a resolution requiring exchanges and individuals to report certain bitcoin transactions. Rather than receiving these reports on April 1st, the Colombian unit will receive them on June 1st.
The paper does not go into detail on the reasons for the postponement, but the new resolution that establishes the postponement states:
“The necessity to extend the reporting start date was examined in order to make sure that the submission of reports to the UIAF is full and meets the entity’s information needs.”
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The new resolution also states that organizations that have already filed reports can do so voluntarily, but that there will be no penalties if they are not received by June 1st.
This will give the organization additional time to adapt to the rule, which was approved by Resolution 314 in December 2021, while it gathers comments from other groups on the matter.
In Resolution 314, the UIAF recognized the need for cryptocurrency transaction control, requiring established subjects to disclose single transactions worth more than $150 or groups of transactions which are worth more than $450.
For this purpose, the Colombian organization made the following declaration:
“Virtual assets have created a situation that warrants the intervention of the UIAF, in the sense that, while they are not illegal in Colombia, they can lend themselves to illicit activities due to the anonymity in the transactions, the lack of support from the central bank, and their non-recognition as a liberating instrument.”
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Some crypto-related personalities in the country, however, have slammed the decision, stressing the large amount of data that will have to be handed over to the organization. One of them is Alejandro Beltran, Buda.com’s Colombian country manager. Who stated:
“Reporting transactions starting at USD $150 would imply a significant number of transactions, and the additional data would be far more than what can be handled by exchanges in terms of operations.”